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SOURCE Corvus Gold Inc.
TSX: KOR OTCQX: CORVF
VANCOUVER, Oct. 21, 2013 /PRNewswire/ - Corvus Gold Inc. ("Corvus" or the "Company") - (TSX: KOR) (OTCQX: CORVF) announces that, as a result of a recent review by the British Columbia Securities Commission ("BCSC"), the Company is issuing the following news release to clarify its technical disclosure.
Failure to File NI 43-101 Compliant Technical Report for the North Bullfrog Project
The Company filed a technical report (the "Report") for the North Bullfrog Project ("NBP"), dated June 4, 2013, in support of a preliminary economic assessment ("PEA") disclosed on June 4, 2013. The BCSC review has identified a number of examples where the technical report does not comply with the requirements of NI 43-101 and Form 43-101F1 (the "Form"). These include the following:
To correct the current situation going forward, the Company is working with the relevant Qualified Persons to prepare a revised technical report ("Revised Report"), with an effective date of June 4, 2013, incorporating a revised preliminary economic analysis, which addresses the foregoing issues and anticipates that the Revised Report will be filed on SEDAR on or about Monday, October 28, 2013. In the meantime, investors should not rely upon the Report.
Technical Disclosure Issues
The Company has previously disclosed results of the PEA in a news release, financials and investor materials on its website that appears misleading and unbalanced. For example:
The Video, Presentation and Interview have been removed from the Company's website, and such disclosure is hereby retracted and investors are cautioned that such disclosure should not be relied upon. The Company will post revised 43-101 compliant disclosure on its website with respect to the PEA upon completion and filing of the Revised Report.
Non-Compliant Disclosure of a PEA
On slide 18 of its Presentation, in the Video, and on the PEA page of its website, the Company refers to the results of a PEA that is based in part on inferred resources. This disclosure is contrary to NI 43-101, as it does not include the proximate cautionary language and details required under section 2.3(3). While the required cautionary language was contained in the Report and the Release, it was not repeated as required in the Presentation, the Video or the PEA page of the website. The Company will ensure that the required proximate cautionary language will appear in all places where the Revised PEA is disclosed.
Non-Compliant Disclosure of Mineral Resources
In its Presentation, Video and website, the Company discloses mineral resources that are contrary to s. 2.2 and 3.4 of NI 43-101. For example:
As noted above, the Company has removed the Presentation and Video and all disclosure therein is hereby retracted. The Company will ensure that, upon the completion of the Revised Report, all disclosure of mineral resources made by the Company in its written disclosure and on its website will comply with the requirements of NI 43-101.
In its website and in the Presentation, the Company does not identify and disclose the relationship to the Company of the qualified person who prepared, supervised the preparation of, or approved of the technical information it is disclosing. Under section 3.1 of NI 43-101, the Company must do this for all written disclosure of technical information. The Company will ensure that, in addition to the existing disclosure regarding the applicable Qualified Persons found in its news releases, AIF and MD&A, it will update its website to identify and disclose the relevant Qualified Persons and will ensure that all corporate presentations also contain such disclosure.
About the North Bullfrog Project, Nevada
Corvus controls 100% of the NBP, which covers approximately 70 km² in southern Nevada just north of the historic Bullfrog gold mine formerly operated by Barrick Gold Corporation. The property package is made up of a number of leased patented federal mining claims and 758 federal unpatented mining claims. The project has excellent infrastructure, being adjacent to a major highway and power corridor.
The Company is presently carrying out an extensive drill program on the Yellowjacket and Sierra Blanca areas of the NPB and intends to complete a revised resource estimate and PEA for NBP in early 2014, which will incorporate all of the new data from the NBP since June 4, 2013.
About Corvus Gold Inc.
Corvus Gold Inc. is a resource exploration company, focused in Nevada and Alaska, which controls a number of exploration projects representing a spectrum of early-stage to advanced gold projects. Corvus is focused on advancing its 100% controlled Nevada, North Bullfrog project towards a potential development decision and continuing to explore for new major gold discoveries. Corvus is committed to building shareholder value through new discoveries and leveraging noncore assets via partner funded exploration work into carried and or royalty interests that provide shareholders with exposure to gold production.
On behalf of
Corvus Gold Inc.
(signed) Jeffrey A. Pontius
Jeffrey A. Pontius,
Chief Executive Officer
Caution Regarding Adjacent or Similar Mineral Properties
This news release contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. The Company advises US investors that the mining guidelines of the US Securities and Exchange Commission (the "SEC") set forth in the SEC's Industry Guide 7 ("SEC Industry Guide 7") strictly prohibit information of this type in documents filed with the SEC. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties, and any production therefrom or economics with respect thereto, are not indicative of mineral deposits on the Company's properties or the potential production from, or cost or economics of, any future mining of any of the Company's mineral properties.
This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.
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